Bank owned homes in the Traverse Bay Area

Bank Owned Homes

Although we see a limited number of bank owned homes in this area, there are some available. Almost all bank owned homes become listed and banks rarely deal directly with anyone other than a few brokerages.

Bank Owned Homes Statistics

Total Listings: 25
Average Price: $87,274
Highest Price: $389,000
Lowest Price: $12,900

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Bank Owned Homes

All Listings Under $100,000 $100,000 - $200,000
$200,000 - $300,000 $300,000 - $400,000
New Listings First
6 Properties Found.
Photo of Listing #1864215

13620 Heller Valley Drive


Traverse City, Michigan
4 Bed, 3½ Bath, 4000 Sqft, 5 Acres
Single Family

9692 N Front Street


Mancelona, Michigan
3 Bed, 1 Bath, 1149 Sqft, 0.32 Acres
Single Family

4884 Cedar Knoll Drive


Traverse City, Michigan
5 Bed, 3 Bath, 1810 Sqft, 0.74 Acres
Single Family

Photo of Listing #1861334

9300 Nothstine Road


Mancelona, Michigan
3 Bed, 2 Bath, 1216 Sqft, 10 Acres
Single Family

Photo of Listing #1862291

8460 Central Avenue


Kalkaska, Michigan
4 Bed, 2 Bath, 1500 Sqft, 1.03 Acres
Single Family

Photo of Listing #1849400

803 Forest Avenue


Frankfort, Michigan
4 Bed, 2 Bath, 4601 Sqft, 0.17 Acres
Single Family

More information on Traverse Bay Area bank owned homes

Bank owned and repo homes in the Traverse Bay and Traverse City area can be a great deal, however, keep in mind that not all bank owned homes are deals.  Often they have been poorly maintained and if the bank gained possession of the home during the cold months, we have often seen frozen pipes.  This is not always the case and it is definitely worth considering a bank owned home.  Whether you are looking for a waterfront bank owned home, a bank owned Traverse City condo or just want to use our advanced bank owned search, TBAR Search has all the listed Traverse City bank owned homes.

 The best way to keep up with the market and to be one of the first to know about new or revised bank owned listings is to get set up with automatic email notifications.  Just let us know what you are looking for and we can get you set up and remember, you can opt out or change your search criteria anytime.

Also, here are the answers to a few bank owned home questions.

Do banks typically take much less than list price for their Traverse City area bank owned homes?

No, most often banks will have three basic appraisals  (often referred to as BPO's  - Broker Price Opinions) and will set a list price based on a those appraisals, along with other items.  Banks will then typically accept within 5% of list price, often depending on how long it has been at that price.  The banks will most often reject offers less than that, or counter back at full price.  If the asset (home) does not get an accepted offer within 45-60 days, the bank will usually reduce the price and go through the same scenario.  With that said, we have seen banks accept much less also, so it may be worth a try if it has been on the market for a while.

The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright © Northern Great Lakes REALTORS® MLS. All Rights Reserved.